Lose Your Job? Start Your Own Business

Guest Author - Deborah Crawford

Many people have been laid off from their jobs due to the chaotic economy. If you or someone you know are part of that group, it could be a perfect opportunity to start your own business. There are thousands of business ideas you can start for little to no money in just a few hours, which can be more fruitful than job-hunting in this economy.

Here’s how:

Pick Something: Many people get bogged down here, for years in some cases. Don’t do that. Just pick something. You can always change your mind later. But, in emergencies (like when you don’t have a job, but still have bills), pick something you know you can do and that people will still pay for. For some quick how-to’s, explore these Business Ideas.

Another idea is to do what you did in your job, only do it for your own business. For some, that will not work (for instance, if you work in a factory making cars), but for others, it just might (if you hooked up computer systems).

Still another idea is to fall back on some one-person standbys: house cleaning, yardwork, resume writing, babysitting, dog walking, sewing, and so on.

Once you’ve decided on an idea, run it by a few trusted advisors. Not just people who love you and would never tell you no, but also people who might say “Now doesn’t seem a good time to spend $1,000 on a kit to sell macramé potholders.” When you are out of work, it is easy to be suckered because you are so ready to hear good news that sometimes, you mistake sales pitches for good ideas. So, always beware of spending money for a start-up kit. Not all are bad, but right now, look for ways to bring money in before you pay it out.

Keep Start-up costs Low This is often a key to business success, especially for beginners. Do not run out and rent a big office space or sink thousands into inventory. You are looking to make profit quickly and the more money you spend, the slower your profit.

Business cards, flyers, a cell phone if you don’t already have one, a few networking lunches, some basic business supplies and maybe a few “how-to” books should be all you need in the first few weeks.

You can start a business like Avon or Tupperware (both reputable companies) with just a few dollars in start-up costs.

Promote your Business Once you pick a business, get your business cards printed and tell everyone what you are doing. Include former coworkers, neighbors, friends, and even online buddies. Referrals can come from anywhere, and before you get super-busy with your business is a great time to market it.

Losing a job is a real downer. But, it can also be a blessing and an opportunity for you to do amazing things on your own terms. It’s truly a great time for “when life hands you lemons, make lemonade”.

The SOHO Site has hundreds of articles devoted to helping people find business ideas and turn those into successful ventures. You’ll find everything from getting a business license to joining networking groups.

And, the SOHO Forum has many helpful business people who will help you brainstorm ideas. solve problems and talk to others who have been there/done that.